Madson signed a 1-year, $8.5-million with the Reds before last season, but never threw a pitch for Cincinnati after undergoing Tommy John surgery. That deal included a mutual option for 2013 worth $11 million, but the right-hander declined in favor of a $2.5-million buyout.

Madson spent the first nine years of his career with the Phillies, posting an ERA below 3.30 in each of the last five. He saved 32 games in 34 opportunities in 2011, his first season as a full-time closer.

Signing Greinke was once considered the Angels top priority, but the 29-year-old right-hander's contract demands are out of the team's price range, according to Knobler's report.

Greinke has drawn strong interest from the Dodgers, who are operating under different spending limits than the Angels (or just about any other team). The Rangers are also known to be interested.
"It won't be Greinke," said one person familiar with their plans.

And the Angels, who still don't have a No. 3 starter behind Jered Weaver and C.J. Wilson?